Zhuo (Joe) Zhong
Assistant Professor (Senior Lecturer in Australia)
Department of Finance, Faculty of Business & Economics
The University of Melbourne
Ph.D. in Economics, Cornell University
B.A. in Economics, Xiamen University
Market Microstructure; Asset Pricing; Big Data; Network Economics
1. "Pre-trade transparency in over-the-counter markets," with Fan Chen, Pacific-Basin Finance Journal, 2017, 45: 14-33.
(Empirical) Bonds that are able to trade on the NYSE (where pre-trade information is available) have smaller transaction costs than those cannot.
- Best Paper Award of the 5th Behavioral Finance and Capital Markets Conference
- BFCM 2015
- CICF 2012
2. "Reducing opacity in over-the-counter markets," Journal of Financial Markets, 2016, 27: 1-27.
(Theory) A competitive centralized market incentivizes dealers in OTC markets to reduce opacity, whereas a non-competitive centralized market does the opposite.
- 8th Annual Central Bank Workshop on Microstructure of the Financial Market
(Empirical) Industry exchange traded funds (ETFs) encourage informed trading on underlying firms through facilitating the hedge of industry-specific risks.
- AFA 2019 (scheduled)
- LSE Paul Woolley Center Conference 2018 (scheduled), CICF 2018 (scheduled), UW Summer Finance Conference in Seattle 2018 (scheduled)
(Empirical) Offering traders sub-tick price improvement, inverted fee venues enhance competition for liquidity provision and increase information impounded into prices through limit orders.
- NFA Best Paper Award on Market Microstructure
- AFA 2018
- NFA 2017, FIRN 2017
(Theory) Dealers balance their risk-sharing benefits with collateral costs from trading to endogenously determine the inter-dealer trading network in OTC markets.
- AFA 2016
- WFA 2015, EFA 2015
- NBER Market Microstructure Meeting 2014, FIRN 2014, Eastern Finance Associate Meeting 2014
- FMA 2013
(Empirical) In a one-tick spread environment, a larger relative tick size results in greater depth and more volume; in a multi-tick environment, the opposite outcome prevails.
- WFA 2016, CICF 2016
- CIFR 2015, Cambridge Workshop on Microstructure Theory and Application 2015